GMR Solutions Inc.

For the period ended Sep 30, 2026. Filed Nov 9, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 9, 2026

GMRS$10.99-2.5%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands, unaudited)


· · Nine Months Ended September 30,
· · 2026 · · 2025
Cash flows from operating activities:
Net income (loss)	$213,613	$193,384
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	230,854	221,000
Amortization of deferred financing costs and debt discount	18,134	11,236
Paid-in-kind interest on long-term debt	—	22,450
Loss on debt extinguishment	—	5,745
Impairment of assets held for sale and other investments	—	14,100
(Gain) loss on divestiture of businesses	—	3,837
Stock-based compensation expense	142,640	1,796
Liability classified stock awards	(11,569)	9,557
Loss (gain) on disposal of property and equipment	1,822	8,435
Unrealized loss (gain) on marketable equity securities	1,298	270
Deferred income taxes	(12)	(7)
Other, net	(9,071)	3,419
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net	(154,479)	(112,187)
Accounts payable	6,212	3,340
Accrued wages, benefits and taxes	(40,678)	26,983
Accrued interest	(36,942)	(5,930)
Accrued liabilities	84,041	(50,216)
Other assets and liabilities, net	(33,533)	5,958
Net cash provided by (used in) operating activities	412,330	363,170

Cash flows from investing activities:
Proceeds from divestiture of businesses	—	2,819
Proceeds from asset disposals related to sales and insurance recoveries	3,757	1,759
Purchases of property and equipment	(222,706)	(177,450)
Net change in investments held as insurance collateral	(697)	(1,475)
Purchases of investments held as insurance collateral	(100,862)	(31,631)
Sales and maturities of investments held as insurance collateral	92,452	38,607
Other investing activities, net	15,712	(4,384)
Net cash provided by (used in) investing activities	(212,344)	(171,755)

Cash flows from financing activities:
Payments on finance lease obligations	(9,669)	(11,123)
Principal payments on long-term debt	(988,650)	(687,159)
Payment of deferred financing costs	—	(6,188)
Proceeds from issuance of long-term debt	114,591	1,099,158
Issuance of common stock, net	446,905	—
Repurchase of common stock	—	(86)
Issuance of warrants to purchase common stock	500,000	—
(Redemption) issuance of redeemable preferred stock	(549,402)	(525,000)
Cash taxes paid on net settled stock awards	(25,348)	(288)
Other financing activities, net	90	787
Net cash provided by (used in) financing activities	(511,483)	(129,899)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(1)	—
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(311,498)	61,516
Cash and cash equivalents, beginning of period (including restricted cash and restricted cash equivalents of $14.8 million and $16.6 million, respectively)	624,229	368,902
Cash and cash equivalents, end of period (including restricted cash and restricted cash equivalents of $14.7 million and $8.9 million, respectively)	$312,731	$430,418

Supplemental disclosure of cash flow information
Equipment (primarily aircraft) additions financed with the issuance of debt	$70,895	$24,622
Cash paid (received) during the period for:
Interest	$293,674	$307,763
Income taxes, net of refunds received	$43,687	$129,546

GMR SOLUTIONS INC.

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